Freddie Mac announced today that for the first time in history the mortgage rate on a 30 year fixed mortgage loan has fallen below 4%, creating record low mortgage rates available for Palm Springs home buyers. The 30 year mortgage rate was 3.94% today. This benchmark 30 year rate is now available to US Citizens. See NYT Summary Box.
Low rates on shorter term US mortgages are now being made available for Canadian buyers in Palm Springs. Until recently, it has been very difficult for Canadians to obtain mortgage loans for property in Palm Springs, where they typically are seeking a second home to enjoy in the sun during their own severe weather back home. They are also shopping to find attractive investment properties in Palm Springs. So all in all, this is very good news for Canadian buyers of Palm Springs real estate. The current low mortgage rates on loans available to US citizens have had a positive downward influence on the now historically low rates for Canadian citizens and other foreign nationals.
To check this out I called my local mortgage broker associate at First Bank to find out what impact these historically low rates for US citizens had on low interest loans that are available to Canadian borrowers. He said that some of his portfolio loans available to Canadian borrowers are as low as 2.75%, a super low rate. So the carry home message is, if you are a Canadian buyer interested in buying your winter retreat in Palm Springs, now is the time to act. Our prices continue to remain low, the Canadian dollar is still almost at parity with the US dollar, and we have a great selection of single family homes and condos. Lastly, you now can obtain a mortgage loan at historically low rates to help fund your purchase. Remember winter is just a few weeks away. For more information, call me at 760 861-0952.